The eCommerce industry continues to grow every year, and online retailers feel the pressure that comes with increased competition in all areas and markets across the eCommerce world.
With so many things to consider before making a logical decision – favored markets for specific inventory, competitors and expenses analysis, and much more – standard products and markets research can take a very long time and end up in results that might not be very accurate.
The need to save time on market research and the fierce competition across all markets have brought retailers, multi-channel merchants and companies to the understanding that an excellent product research platform is a well-earned investment, one that will help with products sourcing and analyzing and will lead to actionable, calculated decisions and high-profit margins.
If you are a seller that isn’t using a product market research platform yet, you might find yourself making business decisions without having all the information you need to make the right decisions.
Here are 5 essential reasons why using product market research platform is necessary to all Amazon, Walmart, and eBay sellers:
1. Analyze Your Competition
Competition is a good thing – it drives you to be better and break new grounds. Performing a precise competitor analysis can help you make smart decisions regarding your current and future inventory. Knowing who your competitors are, which markets are accurate for you to sell, who is your target audience, what is the demand level for your produce, these and much more are all critical factors to consider before making a decision. When using Algopix as your product market research platform, competitive analysis is a part of the data we provide, no added actions needed.
2. Define Your Profit and Expenses
Balancing between the estimated profit and expenses is one of the more complicated things to understand when it comes to eCommerce selling, as most of you already know.
Products with high sale prices may seem attractive at first glance, especially if you can generate a reasonable gross profit on the sale, but you also have to look at how much your expenses will be.
Depending on your marketplace of choice, you need to account for your purchase price, shipping costs, selling fees (eBay final value fees, Amazon fees, and PayPal fees), taxes, marketplace fees, and other fees that might apply. Algopix will show you all of these factors in different marketplaces. The more you know about your expenses, the better the decision you can make when it comes to choosing products to sell online.
3. Research Multiple Marketplaces
eCommerce businesses owners understand the importance of product data, as it helps to make informed decisions about whether or not to sell a specific product in a set region.
Researching your product in multiple marketplaces is essential even if you are currently selling locally or focusing on just one market. Every country has its trends when it comes to products, and being able to scan international marketplaces can help you find new product ideas to try and sell within your market, as well as discover markets that will be much more profitable for you to sell your products. The more data you have on a product and its performance across diverse marketplaces, the better and more accurate your decision on where to sell it will be.
When researching a product on Algopix, you will receive recommendations and analysis on various marketplaces, helping you decide where to sell.
4. Search Multiple Products
Product sourcing is one of the most time-consuming tasks for eCommerce retailers. Finding the right product to sell can take hours, but it is crucial for your business success.
Since none of us wants to invest days and days looking for products, using a product research platform is essential. A multi-purpose research platform, like Algopix, simplifies product sourcing by allowing you to scan multiple items at once and create detailed lists of products that are worth pursuing, all while saving you time so you’ll be free to focus on what counts – selling.
5. Save Money!
One complaint many eCommerce business owners have is that they have to use a separate platform for different actions they need to take when establishing their business.
Here’s the solution: use a reliable product research platform, one that will help you solve more than one problem per action. Take Algopix, for example, a platform that helps you source products, analysis your profit and expenses, see what your competition is doing, and provide you with Google Ads data about the products you are researching.
If you are going to invest in a platform to help you better run your eCommerce business, make sure you find one that enables you to solve multiple problems at once.
Growing your business in the competitive eCommerce industry takes a lot of hard work, but it doesn’t have to be hard if you rely on the right product research platform. Algopix is designed to save you time and money and help you find the best products to sell to grow your business.